- Meta Platforms, Inc (NASDAQ:META) is eying to raise $7 billion via a second bond sale in a five-part deal.
- The longest portion of the offering, a 40-year security, could yield 215 basis points over Treasuries, Bloomberg reports.
- Meta raised $10 billion in its first-ever corporate bond sale in 2022.
- Read: What’s Not Working for Mark Zuckerberg’s Meta? Employee Morale, Metaverse and TikTok Struggles Tilt Scales
- It plans to use the fresh funds to help finance capital expenditures, repurchase outstanding shares, and for acquisitions or investments.
- Meta spent the last months cutting costs and restructuring its workforce, while advertising sales rebounded in the first quarter.
- Even though it touts strong cash flow, the company is likely looking to shore up extra cash for future bond buybacks, according to Bloomberg analyst Robert Schiffman.
- Price Action: META shares traded lower by 0.32% at $239.55 on the last check Monday.
US Stocks Turn Lower; Dow Drops 50 Points
U.S. stocks turned lower midway through trading, with the Dow Jones dropping around 50 points on Thursday.
The Dow traded down 0.15% to 33,897.48 while the NASDAQ fell 0.12% to 11,896.28. The S&P 500 also fell, dropping, 0.17% to 4,110.99.
